SRF Polymers Limited - Post offer PA

Mar 11, 2004
|
Takeovers : Other Documents

 

The details subsequent to the completion of the Offer made vide Public Announcement dated 24<sup>th</sup> November 2003, pursuant to and in compliance with SEBI (Substantial Acquisition of Shares &amp; Takeovers) Regulations, 1997 and subsequent amendments thereto, by Bhairav Farms Private Ltd. and Narmada Farms Pvt. Ltd. to acquire upto 23,50,000 fully paid equity shares representing 36.42% of the voting capital of SRF Polymers Ltd. at a price of Rs. 40.00 per fully paid up equity share  payable in cash are as under:</p></td><td class="defaultTxt"></td></tr>
<tr><td valign="top" width="5%">
<p>&nbsp;1.</p></td><td class="defaultTxt"></td><td colspan="3" valign="top" width="36%">
<p>Name of the Target Company</p></td><td class="defaultTxt"></td><td colspan="3" valign="top" width="3%">
<p>:</p></td><td class="defaultTxt"></td><td colspan="4" valign="top" width="56%">
<p>SRF Polymers Ltd. </p></td><td class="defaultTxt"></td></tr>
<tr><td valign="top" width="5%" height="66">
<p>2.</p></td><td class="defaultTxt"></td><td colspan="3" valign="top" width="36%" height="66">
<p>Name of Acquirer including PACs</p></td><td class="defaultTxt"></td><td colspan="3" valign="top" width="3%" height="66">
<p>:</p></td><td class="defaultTxt"></td><td colspan="4" valign="top" width="56%" height="66">
<p>Bhairav Farms Pvt. Ltd./ Narmada Farms Pvt. Ltd. (<b><i>Acquirers</i></b><i></i>);  Skylark Investments &amp; Trading Pvt. Ltd./ Mr. Arun Bharat Ram(<b><i>PACs</i></b><i></i>); DCM Shriram Consolidated Ltd./ Relatives of Mr. Arun Bharat Ram <b>(Deemed PACs)</b></p></td><td class="defaultTxt"></td></tr>
<tr><td valign="top" width="5%">
<p>3.</p></td><td class="defaultTxt"></td><td colspan="3" valign="top" width="36%">
<p>Name of Manager to the Offer</p></td><td class="defaultTxt"></td><td colspan="3" valign="top" width="3%">
<p>:</p></td><td class="defaultTxt"></td><td colspan="4" valign="top" width="56%">
<p>Stratcap Securities (India) Pvt. Ltd.</p></td><td class="defaultTxt"></td></tr>
<tr><td valign="top" width="5%">
<p>4.</p></td><td class="defaultTxt"></td><td colspan="3" valign="top" width="36%">
<p>Name of the Registrar to the Offer</p></td><td class="defaultTxt"></td><td colspan="3" valign="top" width="3%">
<p>:</p></td><td class="defaultTxt"></td><td colspan="4" valign="top" width="56%">
<p>MAS Services Pvt. Ltd.</p></td><td class="defaultTxt"></td></tr>
<tr><td valign="top" width="5%">
<p>5.</p></td><td class="defaultTxt"></td><td colspan="3" valign="top" width="36%">
<p>Offer details</p></td><td class="defaultTxt"></td><td colspan="3" valign="top" width="3%">
<p>&nbsp;</p></td><td class="defaultTxt"></td><td colspan="4" valign="top" width="56%">
<p>&nbsp;</p></td><td class="defaultTxt"></td></tr>
<tr><td valign="top" width="5%">
<p>&nbsp;</p></td><td class="defaultTxt"></td><td colspan="3" valign="top" width="36%">
<p>a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of opening of the Offer</p></td><td class="defaultTxt"></td><td colspan="3" valign="top" width="3%">
<p>:</p></td><td class="defaultTxt"></td><td colspan="4" valign="top" width="56%">
<p>5<sup>th</sup> January 2004</p></td><td class="defaultTxt"></td></tr>
<tr><td valign="top" width="5%" height="25">
<p>&nbsp;</p></td><td class="defaultTxt"></td><td colspan="3" valign="top" width="36%" height="25">
<p>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of closure of the Offer</p></td><td class="defaultTxt"></td><td colspan="3" valign="top" width="3%" height="25">
<p>:</p></td><td class="defaultTxt"></td><td colspan="4" valign="top" width="56%" height="25">
<p>3<sup>rd</sup> February 2004</p></td><td class="defaultTxt"></td></tr>
<tr><td valign="top" width="5%">
<p>6.</p></td><td class="defaultTxt"></td><td colspan="3" valign="top" width="36%">
<p>Details of the acquisition</p></td><td class="defaultTxt"></td><td colspan="3" valign="top" width="3%">
<p>&nbsp;</p></td><td class="defaultTxt"></td><td colspan="4" valign="top" width="56%">
<p>&nbsp;</p></td><td class="defaultTxt"></td></tr>
<tr><td colspan="2" valign="top" width="6%">
<b></b><p align="center"><b>Sr. No.</b></p></td><td class="defaultTxt"></td><td valign="top" width="34%">
<b></b><p align="justify"><b>Particulars</b></p></td><td class="defaultTxt"></td><td colspan="6" valign="top" width="23%">
<b></b><p align="center"><b>Proposed in the Offer Document</b></p></td><td class="defaultTxt"></td><td colspan="2" valign="top" width="37%">
<b></b><p align="center"><b>Actuals</b></p></td><td class="defaultTxt"></td></tr>
<tr><td colspan="2" valign="top" width="6%">
<p align="center">a</p></td><td class="defaultTxt"></td><td valign="top" width="34%">
<p align="justify">Offer price</p></td><td class="defaultTxt"></td><td colspan="6" valign="top" width="23%">
<p align="center">Rs.40.00</p></td><td class="defaultTxt"></td><td colspan="2" valign="top" width="37%">
<p align="center">Rs. 40.00</p></td><td class="defaultTxt"></td></tr>
<tr><td colspan="2" valign="top" width="6%">
<p align="center">b</p></td><td class="defaultTxt"></td><td valign="top" width="34%">
<p align="justify">Share holding of Acquirers*/ PACs/ Deemed PACs before MOU / P.A.</p></td><td class="defaultTxt"></td><td colspan="6" valign="top" width="23%">
<p align="center">23,18,449 (35.93%)</p></td><td class="defaultTxt"></td><td colspan="2" valign="top" width="37%">
<p align="center">23,18,449 (35.93%)</p></td><td class="defaultTxt"></td></tr>
<tr><td colspan="2" valign="top" width="6%">
<p align="center">c</p></td><td class="defaultTxt"></td><td valign="top" width="34%">
<p align="justify">Shares acquired by way of MOU or market purchases</p></td><td class="defaultTxt"></td><td colspan="6" valign="top" width="23%">
<p align="center">1,54,264  (2.39%)</p></td><td class="defaultTxt"></td><td colspan="2" valign="top" width="37%">
<p align="center">1,54,264 (2.39%)</p></td><td class="defaultTxt"></td></tr>
<tr><td colspan="2" valign="top" width="6%">
<p align="center">d</p></td><td class="defaultTxt"></td><td valign="top" width="34%">
<p align="justify">Shares acquired in the Open Offer </p></td><td class="defaultTxt"></td><td colspan="6" valign="top" width="23%">
<p align="center">  23,50,000 (36.42%)</p></td><td class="defaultTxt"></td><td colspan="2" valign="top" width="37%">
<p>   17,30,851 (26.82%)</p></td><td class="defaultTxt"></td></tr>
<tr><td colspan="2" valign="top" width="6%">
<p align="center">e</p></td><td class="defaultTxt"></td><td valign="top" width="34%">
<p align="justify">Size of the open offer (No of shares multiplied by offer price per share)</p></td><td class="defaultTxt"></td><td colspan="6" valign="top" width="23%">
<p align="center">Rs.9,40,00,000/-</p></td><td class="defaultTxt"></td><td colspan="2" valign="top" width="37%">
<p align="center">Rs.6,92,34,040/-</p></td><td class="defaultTxt"></td></tr>
<tr><td colspan="2" valign="top" width="6%">
<p align="center">f</p></td><td class="defaultTxt"></td><td valign="top" width="34%">
<p align="justify">Shares acquired after P.A. but before 7 working days prior to closure date, if any. </p></td><td class="defaultTxt"></td><td colspan="6" valign="top" width="23%">
<p align="center">Nil</p></td><td class="defaultTxt"></td><td colspan="2" valign="top" width="37%">
<p align="center">Nil</p></td><td class="defaultTxt"></td></tr>
<tr><td colspan="2" valign="top" width="6%">
<p align="center">g</p></td><td class="defaultTxt"></td><td valign="top" width="34%">
<p align="justify">Post offer share holding of Acquirers/ PACs (b+c+d)</p></td><td class="defaultTxt"></td><td colspan="6" valign="top" width="23%">
<p align="center">48,22,713 (74.74%)</p></td><td class="defaultTxt"></td><td colspan="2" valign="top" width="37%">
<p align="center">42,03,564 (65.15%)</p></td><td class="defaultTxt"></td></tr>
<tr><td colspan="2" valign="top" width="6%">
<p align="center">h</p></td><td class="defaultTxt"></td><td valign="top" width="34%">
<p align="justify">Pre &amp; Post offer share holding of public </p></td><td class="defaultTxt"></td><td colspan="5" valign="top" width="11%">
<b></b><p align="center"><b>Pre Offer</b></p></td><td class="defaultTxt"></td><td valign="top" width="12%">
<b></b><p align="center"><b>Post Offer</b></p></td><td class="defaultTxt"></td><td valign="top" width="11%">
<b></b><p align="center"><b>Pre Offer</b></p></td><td class="defaultTxt"></td><td valign="top" width="26%">
<b></b><p align="center"><b>Post Offer</b></p></td><td class="defaultTxt"></td></tr>
<tr><td colspan="2" valign="top" width="6%" height="31">
<p align="center">&nbsp;</p></td><td class="defaultTxt"></td><td valign="top" width="34%" height="31">
<p align="justify">&nbsp;</p></td><td class="defaultTxt"></td><td colspan="5" valign="top" width="11%" height="31">
<p align="center">39,79,902 (61.68%)</p></td><td class="defaultTxt"></td><td valign="top" width="12%" height="31">
<p align="center">16,29,902 (25.26%)</p></td><td class="defaultTxt"></td><td valign="top" width="11%" height="31">
<p align="right">39,79,902 (61.68%)</p></td><td class="defaultTxt"></td><td valign="top" width="26%" height="31">
<p align="right">22,49,051(34.85%)</p></td><td class="defaultTxt"></td></tr>
<tr><td colspan="11" valign="top">
<p>* RBI approval to purchase 1,37,500 shares by Bhairav Farms Pvt. Ltd. from Shak Investments Ltd. and 78,800 shares by Narmada Farms Pvt. Ltd. from Palma Holdings Ltd. is still awaited.</p></td><td class="defaultTxt"></td></tr>
<tr><td valign="top" width="5%">
<p>7.</p></td><td class="defaultTxt"></td><td colspan="4" valign="top" width="36%">
<p>Status of the escrow account</p></td><td class="defaultTxt"></td><td valign="top" width="3%">
<p>:</p></td><td class="defaultTxt"></td><td colspan="5" valign="top" width="56%">
<p>The cash deposit is yet to be released</p></td><td class="defaultTxt"></td></tr>
<tr><td valign="top" width="5%">
<p>8.</p></td><td class="defaultTxt"></td><td colspan="4" valign="top" width="36%">
<p>Payment of interest, if any</p></td><td class="defaultTxt"></td><td valign="top" width="3%">
<p>:</p></td><td class="defaultTxt"></td><td colspan="5" valign="top" width="56%">
<p> None</p></td><td class="defaultTxt"></td></tr>
<tr><td valign="top" width="5%">
<p>9.</p></td><td class="defaultTxt"></td><td colspan="4" valign="top" width="36%">
<p>Status of Investor Complaints</p></td><td class="defaultTxt"></td><td valign="top" width="3%">
<p>:</p></td><td class="defaultTxt"></td><td colspan="5" valign="top" width="56%">
<p>No investor complaints are pending as on date</p></td><td class="defaultTxt"></td></tr>
<tr><td colspan="11" valign="top">
<b>
<p>Responsibility Statement:</p>
</b><p align="justify"></p>
<p align="justify">The Board of Directors of Bhairav Farms Private Limited, Narmada Farms Private Limited, Skylark Investments &amp; Trading Private Limited and Mr. Arun Bharat Ram jointly and severally accept responsibility for the information contained in this Public Announcement and also for all the obligations of the Acquirers and the Persons Acting in Concert as laid down in the SEBI (SAST) Regulations.</p>
<p align="justify"></p>
<p align="justify">This public announcement would also be available on the SEBI’s website www.sebi.gov.in.</p>
<p>Issued on behalf of the Acquirers/PACs by the<font face="Arial"> Manager to the Offer</font></p></td><td class="defaultTxt"></td></tr>
</tbody></table>

<p>&nbsp;</p>
<p align="justify">	</p><dir>
<dir>
<dir>
<dir>

<b><font size="3" face="Bookman Old Style"></font></b><p><b><font size="3" face="Bookman Old Style">STRATCAP SECURITIES (INDIA) PVT. LTD.<i> </i></font></b></p></dir>
</dir>
</dir>
</dir>

<b><font size="3" face="Bookman Old Style"><i></i><font size="5" face="Linotext,Times New Roman"></font></font></b><p><b><font size="3" face="Bookman Old Style"><font size="5" face="Linotext,Times New Roman">Strategic 	  	</font></font></b><font size="3" face="Bookman Old Style"><font size="5" face="Linotext,Times New Roman">Strategic House, 44, Mint Road,Fort, Mumbai – 400 001	</font></font></p><dir>
<dir>
<dir>
<dir>

<p><font size="3" face="Bookman Old Style"><font size="5" face="Linotext,Times New Roman">Tel: 022-56349946-49   Fax: 022-22642393				Place: Mumbai</font></font></p>
<p><font size="3" face="Bookman Old Style"><font size="5" face="Linotext,Times New Roman">Email : <a href="mailto:info@strategicindia.net">info@strategicindia.net</a>					Date : 8<sup>th</sup> March 2004</font>

The details subsequent to the completion of the Offer made vide Public Announcement dated 24th November 2003, pursuant to and in compliance with SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 and subsequent amendments thereto, by Bhairav Farms Private Ltd. and Narmada Farms Pvt. Ltd. to acquire upto 23,50,000 fully paid equity shares representing 36.42% of the voting capital of SRF Polymers Ltd. at a price of Rs. 40.00 per fully paid up equity share payable in cash are as under:

.

  

Name of the Target Company

  

:

  

SRF Polymers Ltd.

  

2.

  

Name of Acquirer including PACs

  

:

  

Bhairav Farms Pvt. Ltd./ Narmada Farms Pvt. Ltd. (Acquirers); Skylark Investments & Trading Pvt. Ltd./ Mr. Arun Bharat Ram(PACs); DCM Shriram Consolidated Ltd./ Relatives of Mr. Arun Bharat Ram (Deemed PACs)

  

3.

  

Name of Manager to the Offer

  

:

  

Stratcap Securities (India) Pvt. Ltd.

  

4.

  

Name of the Registrar to the Offer

  

:

  

MAS Services Pvt. Ltd.

  

5.

  

Offer details

  

 

  

 

  

 

  

a)        Date of opening of the Offer

  

:

  

5th January 2004

  

 

  

b)       Date of closure of the Offer

  

:

  

3rd February 2004

  

6.

  

Details of the acquisition

  

 

  

 

 

No.

  

Particulars

  

Proposed in the Offer Document

  

Actuals

  

a

  

Offer price

  

Rs.40.00

  

Rs. 40.00

  

b

  

Share holding of Acquirers*/ PACs/ Deemed PACs before MOU / P.A.

  

23,18,449 (35.93%)

  

23,18,449 (35.93%)

  

c

  

Shares acquired by way of MOU or market purchases

  

1,54,264 (2.39%)

  

1,54,264 (2.39%)

  

d

  

Shares acquired in the Open Offer

  

23,50,000 (36.42%)

  

17,30,851 (26.82%)

  

e

  

Size of the open offer (No of shares multiplied by offer price per share)

  

Rs.9,40,00,000/-

  

Rs.6,92,34,040/-

  

f

  

Shares acquired after P.A. but before 7 working days prior to closure date, if any.

  

Nil

  

Nil

  

g

  

Post offer share holding of Acquirers/ PACs (b+c+d)

  

48,22,713 (74.74%)

  

42,03,564 (65.15%)

  

h

  

Pre & Post offer share holding of public

  

Pre Offer

  

Post Offer

  

Pre Offer

  

Post Offer

  

 

  

 

  

39,79,902 (61.68%)

  

16,29,902 (25.26%)

  

39,79,902 (61.68%)

  

22,49,051(34.85%)

  

* RBI approval to purchase 1,37,500 shares by Bhairav Farms Pvt. Ltd. from Shak Investments Ltd. and 78,800 shares by Narmada Farms Pvt. Ltd. from Palma Holdings Ltd. is still awaited.

  

7.

  

Status of the escrow account

  

:

  

The cash deposit is yet to be released

  

8.

  

Payment of interest, if any

  

:

  

None

  

9.

  

Status of Investor Complaints

  

:

  

No investor complaints are pending as on date

 

Responsibility Statement:

The Board of Directors of Bhairav Farms Private Limited, Narmada Farms Private Limited, Skylark Investments & Trading Private Limited and Mr. Arun Bharat Ram jointly and severally accept responsibility for the information contained in this Public Announcement and also for all the obligations of the Acquirers and the Persons Acting in Concert as laid down in the SEBI (SAST) Regulations.

This public announcement would also be available on the SEBI’s website www.sebi.gov.in.

Issued on behalf of the Acquirers/PACs by the Manager to the Offer

 

 

STRATCAP SECURITIES (INDIA) PVT. LTD.

  

Strategic Strategic House, 44, Mint Road,Fort, Mumbai – 400 001

Tel: 022-56349946-49 Fax: 022-22642393

Email : info@strategicindia.net